Lending Figures: Government Must Take Responsibility

11.18.00am BST (GMT +0100) Mon 29th Mar 2004

Commenting on this morning's figures on 'lending to individuals' from the Bank of England, which show an increase in mortgage lending, Vince Cable MP, Liberal Democrat Shadow Chancellor, said: "This rise in lending comes on the back of an unsustainable house price bubble. Large numbers of people are gambling on the house price boom - a gamble they may regret if house prices start to fall or interest rates rise."

"The Bank of England is caught between dealing with the weaknesses in the economy and curbing the consumer boom."

"The Budget failed to take responsibility for the level of lending by banks. It is time the Government took action to protect ordinary homeowners against irresponsible lending."